EU tax proposals criticised

Irish development organisations have dismissed the European Commission’s latest attempt to crackdown on global tax avoidance as a “woefully inadequate” token gesture.

Under the proposals put forward by the Commission, large companies would have to publicly disclose tax and financial data in an effort to eliminate tax schemes costing EU states billions of euro in lost tax revenues.

Companies will have to report their activities individually in each member state as well as in a number of jurisdictions deemed as tax havens.